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The Inflationary Consequences of a Currency Changeover: Evidence from the Michelin Red Guide

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Author Info
Giancarlo Marini () (University of Rome II - Faculty of Economics)
Fabrizio Adriani () (University of Rome II - Centre for International Studies on Economic Growth (CEIS))
Pasquale Scaramozzino () (University of Rome II - Faculty of Economics)

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Abstract

This paper examines the inflationary consequences of a currency changeover in a simple model of the catering market. It is shown that the change in cash denomination acts as a coordination device shifting the industry to a high-price equilibrium. Empirical evidence based on data from the Michelin Red Guide strongly supports the predictions of our model against competing explanations. A permanent change in relative prices has taken place in Euroland, with strong redistributional effects in favour of some segments of the catering sector.

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File URL: ftp://www.ceistorvergata.it/repec/rpaper/No-27-Adriani,Marini,Scaramozzino.pdf
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Paper provided by Tor Vergata University, CEIS in its series CEIS Research Paper with number 27.

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Length: 23
Date of creation: 25 Jul 2003
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Handle: RePEc:rtv:ceisrp:27

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Postal: CEIS - Centre for Economic and International Studies - Faculty of Economics - University of Rome "Tor Vergata" - Via Columbia, 2 00133 Roma
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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Chan, Yuk-Shee & Leland, Hayne, 1982. "Prices and Qualities in Markets with Costly Information," Review of Economic Studies, Blackwell Publishing, vol. 49(4), pages 499-516, October. [Downloadable!] (restricted)
  2. Cooper, Russell & Ross, Thomas W, 1984. "Prices, Product Qualities and Asymmetric Information: The Competitive Case," Review of Economic Studies, Blackwell Publishing, vol. 51(2), pages 197-207, April. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Ernst Fehr & Jean-Robert Tyran, 2004. "Money illusion and coordination failure," University of St. Gallen Department of Economics working paper series 2004 2004-02, Department of Economics, University of St. Gallen. [Downloadable!]
    Other versions:
  2. Bart Hobijn & Federico Ravenna & Andrea Tambalotti, 2004. "Menu costs at work: restaurant prices and the introduction of the euro," Staff Reports 195, Federal Reserve Bank of New York. [Downloadable!]
    Other versions:
  3. Eugenio Gaiotti & Francesco Lippi, 2005. "Pricing behavior and the introduction of the euro: evidence from a panel of restaurants," Macroeconomics 0501029, EconWPA, revised 15 Feb 2005. [Downloadable!]
    Other versions:
  4. Giovanni Mastrobuoni & Wioletta Dziuda, 2005. "The Euro Changeover and its Effects on Price Transparency and Inflation," Carlo Alberto Notebooks 26, Collegio Carlo Alberto, revised 2006. [Downloadable!]
    Other versions:
  5. Marco G. Ercolani and Jayasri Dutta, 2006. "The Euro-changeoverand Euro-inflation: Evidence from Eurostat's HICP," Discussion Papers 06-03, Department of Economics, University of Birmingham. [Downloadable!]
  6. Michael Ehrmann, 2006. "Rational inattention, inflation developments and perceptions after the euro cash changeover," Working Paper Series 588, European Central Bank. [Downloadable!]
  7. Becchetti, Leonardo & Hasan, Iftekhar & Mavrotas, George, 2005. "Education, Financial Institutions, Inflation and Growth," Working Papers RP2005/72, World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
  8. Thomas A. Eife, 2006. "Price setting behaviour and price setting regulations at the euro changeover," Bank of Estonia Working Papers 2006-06, Bank of Estonia, revised 12 Oct 2006. [Downloadable!]
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